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Three big reasons for automating regulatory change management

Keeping on top of regulatory change can be a costly and time-consuming exercise. Many enterprises in financial services, life sciences, healthcare, and other heavily regulated industries must monitor multiple information sources to get news of changes that may impact them. When relevant changes are identified, impact assessments must be carried out to determine required action; then resulting policy, process, control, and system changes must be implemented and post-implementation audits conducted to assure compliance.

Such changes don’t happen infrequently, either. Neither are they confined to isolated parts of the business. There are both industry-specific laws like banking reform or pharmaceutical clinical trials, and cross-industry rules like anti-bribery laws, privacy rules, and employment laws.

New rules and regulations are promulgated almost daily in all industries; hence, regulatory change management (RCM) is a must-do activity. Not only is there a potential... To get the full story, subscribe now.